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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- ISM manufacturing saw a sizeable miss in July, falling to 46.8 (cons 48.8) from 48.5 in June. It’s the lowest since Nov 2023.
- Prices paid offer the only beat for a mild offset: 52.9 (cons 51.8) after 52.1, although that’s still only a 0.8pt increase after some particularly large swings. Recall that this series rose 8.4pts between Feb-Apr only to then fall 8.8pts through Apr-Jun.
- New orders miss: 47.4 (cons 49.0) after 49.3, holding above the particularly weak 45.4 in May but still firmly in contractionary territory. The regional Fed series had painted a particularly mixed picture for new orders but were on balance weaker as well including some at the lowest since the pandemic and 2008/09.
- Employment sees a very large miss: 43.4 (cons 49.2) after 49.3, the lowest since Jul 2020. Pre-pandemic, that’s the lowest since 2009 although manufacturing does admittedly have a small share of payrolls at about 10%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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